NEW YORK CITY — KeyBank’s community lending and investment team has closed a $42 million Fannie Mae loan for the Phase II renovation of Twin Parks West, a 311-unit affordable housing property located in The Bronx. A portion of the proceeds will also be used to refinance existing debt on the asset. Tabare Borbon of KeyBank closed the loan, which carried a fixed interest rate, 15-year term, 35-year amortization schedule and five years of interest-only payments. The borrower was a joint venture between Gilbane Development Co., Kraus Management, Apex Building Group and Dantes Partners.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $30 million loan for the development of a 17-story mixed-use project in the Flushing neighborhood of Queens. Proceeds will be used to cover various pre-construction costs. The project, located at the former site of the RKO Keith’s Theater, will ultimately feature 269 residential units, 17,000 square feet of retail space, 15,000 square feet of additional communal space and 305 parking spaces. MRC provided the loan to Xinyuan Real Estate, which plans to demolish the existing structure by February 2020 and commence construction shortly thereafter.
HOUSTON — HFF has placed a loan for the refinancing of Aspen Houston, a 717-bed student housing property located at 4971 Martin Luther King Blvd in Houston. The amount of the loan was not disclosed, but the financing was arranged as part of a $92 million package to refinance a student housing portfolio totaling 1,653 beds in Iowa, Texas and South Carolina. Doug Opalka, Casey Wenzel and Michael Johnson of HFF arranged the funds on behalf of the ownership, which is partnership between Austin-based developer Aspen Heights and global investment firm Safanad.
BOSTON — American Street Capital (ASC), a Chicago-based intermediary specializing in balance sheet and CMBS deals, has arranged a $30.4 million loan for the refinancing of Barclay on Beacon, a 111-unit apartment building located in the Brookline neighborhood of Boston. Built in 1965, the property offers one- and two-bedroom units averaging 1,014 square feet. Amenities include a 92-space underground parking garage, rooftop pool with pavilion, onsite laundry facilities and tenant lounge. Igor Zhizhin and Alexander Rek of ASC placed the nonrecourse loan with an agency lender on behalf of an undisclosed borrower. The loan, which was secured to transition the property out of floating-rate debt accrued in 2016, features a fixed interest rate for the 15-year term with an initial eight years of interest-only payments on a 30-year amortization schedule.
PELHAM MANOR, N.Y. — New Jersey-based Cronheim Mortgage has placed $30 million in permanent financing for Post Road Plaza, a 257,593-square-foot regional shopping center in Pelham Manor, about 20 miles north of Manhattan. Transamerica Financial Life Insurance Co. provided the 15-year loan, which amortizes over 30 years. Post Road Plaza, which was built in the early 1960s, comprises a two-story primary retail strip, a one-story secondary strip and three outparcel buildings. A 75,000-square-foot Fairway supermarket anchors the property, which also houses a Dave & Buster’s, 24 Hour Fitness, HomeGoods, Lane Bryant, Smashburger and Sally Beauty Supply. The borrower was not disclosed.
NEW YORK CITY — Aries Capital LLC, a Chicago-based commercial mortgage and investment banking firm, has closed a $6.5 million CMBS loan for the refinancing of a 16,500-square-foot manufacturing facility in Brooklyn. The property is located at 413 20th St. in the borough’s Greenwood Heights neighborhood and was fully leased at the time of sale to Sedona Marble & Granite, which is also a part owner of the building. Neil Freeman and Brandon Perdeck of Aries Capital handled the transaction on behalf of the borrower, New York-based TKS Development Group. The nonrecourse loan carried a 10-year term, 75 percent loan-to-value ratio and 30-year amortization schedule.
PALM BEACH GARDENS, FLA. — Berkadia has provided a $79.5 million Freddie Mac refinancing loan for Turnbury at Palm Beach Gardens, a 540-unit apartment community in Palm Beach Gardens. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated the seven-year, fixed-rate loan with three years of interest-only payments on behalf of Advenir at PGA LLC. Turnbury was built in 1974 and offers one-, two- and three-bedroom floor plans. Community amenities include three swimming pools, lounge furniture, an outdoor kitchen with grilling station, 24-hour fitness center, basketball court, fitness trail and a dog park.
CHARLOTTE, N.C. — KeyBank has provided a $40 million acquisition loan to Weston Inc. for the purchase of an industrial portfolio in North and South Carolina. Details on the individual facilities were not disclosed, but the portfolio spans five buildings, 1.5 million square feet, and is located in the Charlotte, Raleigh-Durham, Greenville and Augusta industrial markets. Weston is a privately owned company based in Cleveland that owns more than 13 million square feet of industrial space nationwide.
NORWALK, CONN. — CBRE has arranged a $53.5 million loan for the refinancing of The Berkeley at Waypoint and Quincy Lofts, two multifamily properties in Norwalk, located north of Stamford along the Connecticut coast. The Berkeley at Waypoint was built in 2017 and features 129 units in one- and two-bedroom formats. Quincy Lofts was constructed in 2016 and offers 69 loft-style units in one- and two-bedroom floor plans. Both properties were 95 percent occupied at the time of the loan closing, and 10 percent of the units in both properties are reserved for residents earning less than 80 percent of the area median income. Jason Gaccione, Shawn Rosenthal and Tom Didio of CBRE arranged the funds on behalf of the borrower, a joint venture between Alex Brown Realty Inc. and Belpointe Capital LLC. Los Angeles-based Thorofare Capital provided the financing.
NEW YORK CITY— A partnership between Pebb Capital, a private equity firm with offices in Florida and New York, and TriArch Real Estate has received a $27.5 million permanent loan for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank provided the initial construction loan and is now invested in the project to the tune of $41.7 million.